Group 1 - Affinity Partners, founded by Jared Kushner, has decided to withdraw from the group of investors supporting Paramount's hostile takeover bid for Warner Bros. Discovery [1][2] - Paramount's bid is valued at $108.4 billion for the entirety of Warner Bros. Discovery [5] - The bid is supported by the Ellison family and RedBird Capital, with other investors including Saudi Arabia's Public Investment Fund and the Qatar Investment Authority [3] Group 2 - Affinity Partners stated that despite their exit, they believe there is a strong strategic rationale for Paramount's offer [2] - Warner Bros. Discovery has already entered into a deal with Netflix for the acquisition of its movie and TV studio, HBO, and streaming assets, while cable channels will be spun off into a separate entity [5] - The board of Warner Bros. Discovery is currently evaluating Paramount's latest offer [5]

Local TV station owner E.W. Scripps said Tuesday that its board of directors has rejected an unsolicited takeover bid by larger rival Sinclair Inc. Scripps, whose assets also include the Ion broadcast network, said the board’s decision was unanimous. It followed Sinclair’s disclosure last month that it had taken an 8.2% stake in the company and offered to acquire the rest of its stock in a $7-a-share deal comprised of cash and stock. “The board is committed to acting in the best interests of all Scripps sh ...

Netflix has appointed Dani Dudeck, a former senior exec at Instacart, Zynga and MySpace, as chief communications officer. Dudeck will assume her new duties in mid-January, she wrote on LinkedIn. Rachel Whetstone, former chief communications officer, left the company in October 2024. The tech veteran had been with the company since 2018, but decided not to pursue a refashioned role that would have blended public policy and communications. Dean Garfield, VP of Public Policy, departed along with Whetstone. Th ...

In a memo to employees divulged this morning in an SEC filing, Netflix Co-CEOs Greg Peters and Ted Sarandos call their pending $83B acquisition of Warner Bros. “a win for the entertainment business.” Wall Street, however, isn’t entirely convinced. One new report Monday from MoffettNathanson’s Robert Fishman urges the company not to take the bait if and when Paramount increases its hostile bid. Far better, Fishman argues, for the streaming giant to “bow out of the bidding war, put their heads down, and cont ...

The lines are being drawn. Disney today warned rival Google against what it called copyright infringement on a massive scale to train its AI models and from distributing images and videos across its ecosystem, including YouTube. The warning in a lawyer’s letter from Disney to Google follows news of the Mouse’s landmark deal to invest $1 billion in Sora parent OpenAI, a Google rival. “Without waiving any rights or remedies, Disney hereby provides notice that Google must remove all infringing Disney content ...

The Walt Disney Co. has fired off a cease-and-desist letter to Google, claiming that its AI training models and services infringe on its copyrights on a “massive scale.” The letter was sent on Wednesday, just before the company made the announcement that it has reached an agreement with a Google rival, OpenAI, to provide its characters and IP for use in the latter company’s services. Disney contended that Google’s “willful infringement is especially alarming because it is leveraging its dominance in genera ...

Paramount continues to take its case to Warner Bros. Discovery shareholders after launching a hostile takeover offer to pry the company away from Netflix. “Dear Warner Bros. Discovery Shareholder,” Paramount CEO David Ellison wrote in an open letter published today, “we are the best stewards not only to build long-term value for the asset but also delight audiences and help cultivate a more vibrant creative community. We funded, founded and then merged Skydance with Paramount and know the sacrifices and in ...

Core Viewpoint - Donald Trump opposes any sale of Warner Bros. Discovery that allows the company to retain ownership of CNN, criticizing the current management of CNN as corrupt or incompetent [1][2][4]. Group 1: Sale of Warner Bros. Discovery - Trump stated that there are "some good companies bidding" for Warner Bros. Discovery, emphasizing the need for CNN to be sold separately from the company [1]. - Under Netflix's deal with Warner Bros. Discovery, CNN and other cable networks would be spun off into a separate entity, while Netflix would acquire the film and TV studio, HBO, and HBO Max [2]. Group 2: Paramount's Bid - Paramount has made a hostile bid for all of Warner Bros. Discovery, including CNN, which has caused concern within the cable news network [3]. - Paramount CEO David Ellison has indicated to Trump administration officials that he would implement significant changes to CNN if the bid is successful [3]. Group 3: Trump's Influence and Historical Context - Trump has a history of targeting CNN, expressing a desire to be involved in government decisions regarding the approval of any sale, which challenges the traditional separation between the presidency and regulatory reviews [4]. - During Trump's first term, he objected to AT&T's acquisition of Time Warner due to CNN's inclusion, leading to a legal battle that ultimately allowed the merger to proceed despite initial objections [5].

Core Points - Two Democratic lawmakers express concerns regarding the national security implications of Paramount's bid for Warner Bros. Discovery, particularly due to the involvement of foreign investors, including the Saudi Public Investment Fund [1][2] - The lawmakers demand that Warner Bros. Discovery notify the Committee on Foreign Investment in the United States (CFIUS) if any transaction involves foreign sovereign or state-linked investors [2][5] - The lawmakers highlight the potential influence of foreign investors on editorial independence and content moderation, which could pose a national security threat [5] Group 1: Legislative Concerns - The lawmakers, Rep. Sam Liccardo and Rep. Ayanna Pressley, emphasize the need for a full national security review of any transactions involving foreign investors [2][5] - Other lawmakers, including Sen. Chris Murphy and Sen. Elizabeth Warren, have also raised concerns about the consolidation of media companies, specifically the Paramount bid and the Netflix deal [3][4] - The involvement of Emirati and Qatari funds, as well as a private equity fund backed by the Saudi Public Investment Fund, raises alarms about foreign influence over a major American media company [5] Group 2: Future Implications - The lawmakers suggest that future Congresses may review the current Administration's decisions and could recommend divestitures that would affect the merger's strategic logic [6] - The potential for increased scrutiny of foreign investments in media could arise if Democrats regain control of the House in the next election [5][6]

Group 1: Board Nomination and Structure - Disney's board has nominated former Apple executive Jeff Williams, expanding the board to 11 members [1] - Shareholders will vote on Williams' nomination and the re-election of the existing 10 directors at the upcoming annual meeting, date yet to be determined [1] Group 2: Leadership Transition - The board is under scrutiny as it prepares for the succession plan for CEO Bob Iger, who will conclude his tenure next year [2] - Iger's successor is expected to be announced early next year, prior to the end of his contract [2] Group 3: Internal Candidates for CEO - Josh D'Amaro, head of Disney's theme parks, and Dana Walden, co-chair of entertainment, are seen as leading candidates for the CEO position [3] Group 4: Jeff Williams' Background - Williams served as COO of Apple until his retirement in 2023, overseeing design, global supply chain, and support functions [4] - He has a nearly three-decade career at Apple, contributing to the launch of the Apple Watch and the company's health and fitness strategy [4][6] Group 5: Board Chairman's Statement - Disney board chairman James Gorman praised Williams as a highly accomplished executive with valuable experience in technology and operations [5] - Gorman highlighted the deep ties between Disney and Apple, cultivated through Iger's relationship with late Apple CEO Steve Jobs [5] Group 6: Williams' Vision for Disney - Williams expressed admiration for Disney's legacy of innovation and creativity, stating his eagerness to contribute to the company's journey [7]